The UK good trade deficit with the EU has risen to a record high. The gap (the amount by which goods imported from the EU exceeds goods exported to it) increased to £8.1bn in March – the highest level ever recorded. Meanwhile, the overall trade deficit (with EU and non-EU trading partners) shrunk by £0.5bn to £3.8bn. According to the report, the size of the UK’s trade deficit with the EU is frequently cited by advocates of leaving as a reason to believe that negotiators in post-Brexit talks would have strong leverage. Critics argue that the UK is more dependent on the EU for its exports that the EU is on the UK for trade.
- We've read it in: The Daily Telegraph, May 11 2016, Business section
